Tax Laws Amendment (2010 Measures No. 1) Act 2010 (56 of 2010)

Schedule 5   Consolidation

Part 20   Non-membership equity interests

Income Tax Assessment Act 1997

205   Paragraph 705-85(3)(a)

Repeal the paragraph, substitute:

(a) the amount that would be the balance of the joining entity's *non-share capital account, assuming that:

(i) if the joining entity is not a company - the joining entity were a company; and

(ii) each *non-membership equity interest (if any) in the joining entity held at the joining time by a person other than a *member of the joined group were a *non-share equity interest in the joining entity; and

(iii) the non-share equity interests (if any) mentioned in subparagraph (ii) were the only non-share equity interests in the joining entity; and